USD 411.2 million
Report ID: SQMIG45K2019 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 62 | Figures: 56
Global Mini LED Market size was valued at USD 411.2 million in 2021 and is poised to grow from USD 594.1 million in 2022 to USD 16297.85 million by 2030, growing at a CAGR of 44.48% in the forecast period (2023-2030).
Global mini LED (light emitting diode) market is expected to experience escalating growth in the upcoming years due to the rising popularity of LED TVs and the introduction of fresh market prospects in the Asia Pacific region. East Asia and South Asia have more of a consolidated small LED market. Consumer electronics sector trends, including the rising demand for LED-based TVs, laptops, and smartphones, are the main factors driving the market. As per reports, Smart TVs hold 89% of the global TV market share. Numerous growth potential for tiny LEDs are being facilitated by their capacity to provide higher contrast ratios, higher brightness, improved power efficiency, and less proneness to burn-in. Additionally, the growing use of LED screens in the automotive and military industries has created new market potential for the small LED industry. It is anticipated that the launch of the NGN (Next Generation Network) and the growing acceptance of the IoT (Internet of Things) will increase demand for smartphones, smart watches, laptops, projectors, and other smart gadgets. The mini LED market size will eventually increase during the forecast period due to the increase in demand for smart gadgets. As per data, by 2019, 370 thousand units were shipped overall. The next-generation display technology that supports high contrast ratio, higher brightness, wider colour gamut, low energy consumption, and quick response time is thought to be based on miniature light-emitting diodes. Over the next several years, it is projected that they would gradually reduce the market share of organic light-emitting diodes (OLEDs) because their contrast and brightness properties are thought to be superior. Furthermore, to assure hassle-free production, manufacturers only need to rebuild the driver ICs and invest in manufacturing equipment in the current traditional LCD production setup. Mini LED technology offers these established LCD producers a chance to improve product features and compete with current OLED technology.
US Mini LED Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 411.2 million
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The global mini LED market is segmented based on type, end-use industry, and region. Based on the product, the global mini LED market is segmented into standard LEDs, Low-current LEDs, Ultra-high Output LEDs. Based on the end-use industry, the global mini LED market is segmented into consumer and automotive electronics. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
In display devices like TVs, smartphones, and many others, mini LEDs are becoming more and more common. The market for ultra-high output tiny LEDs will increase over the next few years due to the growing need for consumer electronics with greater performance and higher efficiency. By the end of 2030, the market for ultra-high output tiny LEDs is anticipated to have more than one-third of the overall market share. The most profitable market, however, is expected to remain the one for standard tiny LEDs, which would generate a value potential throughout the projected period.
Analysis by End-Use Industry
The demand for mini LEDs in the consumer electronics market will be driven by increased sales of OLED smart televisions, smart screen products, and LED projectors. Furthermore, the recent expansion of the mini LED market has been fueled by rising demand for smartphones as a result of technological developments in the telecommunications sector and the introduction of LTE services. By the end of 2030, the consumer electronics market for mini LEDs is anticipated to generate a value opportunity of US$ 1 Bn. However, the market for mini LEDs in the automotive sector is estimated to grow at a CAGR of 22% from 2021 to 2028. The widespread use of digital screens and lighting environments is the cause of the car industry's rapid expansion.
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The global mini LED market is expected to be dominated by Europe, followed by Asia Pacific and North America.
In 2021, North America accounted for the greatest market share. The U.S. consumer electronics and automobile industries are very receptive to new technology, and as a result, they are early adopters of numerous cutting-edge items. Also, a strong regional demand for expensive gaming laptops and displays in the nation is anticipated to drive market expansion throughout the projection period. During SID Display Week 2019, the American startup Rohinni LLC displayed a variety of its products, including small LED lights and panels. By the end of 2019, the business anticipates commercialising its first tiny light-emitting diode device.
Taiwan panel manufacturers are having trouble producing OLED panels due to supply chain constraints, so these businesses are concentrating on creating small LED display solutions. Along with other Japanese businesses, Japan Display Inc. and Nichia Corporation are developing this technology and associated goods. Thus, the Asia Pacific region is predicted to be one of the key markets over the forecast period given advancements in Taiwan, Japan, and China.
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One of the well-known businesses developing this technology and its related products is AU Optronics Corp. (AUO), along with Innolux Corporation, Japan Display, Inc., Everlight Electronics Co. Ltd., and EPISTAR Corporation. Mini LED backlight devices for high-end uses, like gaming notebooks and monitors, have been shipped by a number of LED manufacturers since 2018, including Lextar and EPISTAR Corporation. As the market has a significant potential in a wide range of applications across several verticals, the companies are eager to increase their efforts in the development of small and micro light-emitting diodes. The Guangzhou International Lighting Exhibition (GILE) 2019 featured a 65-inch micro LED display from Shenzhen Refond Optoelectronics Co., Ltd. At the Integrated Systems Europe (ISE) 2019 trade show in Amsterdam, Unilumin Group displayed a 0.9 mm miniature LED display. For high-end applications, the business is mass-producing 0.9 mm modules. Four separate small light-emitting diode product types with varying pixel pitches—1.5 mm, 1.2 mm, 0.78 mm, and 0.9 mm—have been created by AOTO Electronics Co., Ltd., and each has begun mass production.
Top Players in the Global Mini LED Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global mini LED market analysis, growing demand of mini LEDs for applications such as in PC monitors, televisions and automotive industry, the lower failure rate compared to traditional LEDs and the higher yield-rates compared to OLED’s are some major factors driving the growth of the global mini LED market.
|Market size value in 2021||USD 411.2 million|
|Market size value in 2030||USD 594.1 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Mini LED Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Mini LED Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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